Egypt focuses on exploring establishment of Sovereign Fund for Industry: Planning Minister – Egypt Today

Egypt focuses on exploring establishment of Sovereign Fund for Industry: Planning Minister – Egypt Today

CAIRO – 14 May 2024: Minister of Planning and Economic Development, Hala El-Said, revealed that Egypt is currently exploring the establishment of a Sovereign Fund for Industry, during the Golden Triangle Investment, Industry, and Export Conference.

 

 This fund would serve Egypt’s investments, and El-Said emphasized its importance in promoting private-sector partnerships to stimulate investments.

 

El-Said also highlighted the national program for structural reforms, which aims to achieve a 20 percent annual increase in exports, reaching $140 billion by 2030. 

 

She pointed out that sectors such as manufacturing, agriculture, communications, and information technology have experienced growth, accounting for 31 percent of the economy in 2024.

 

In Egypt, the private sector has a dominant role in employment, employing about 70 percent of the workforce and leading the essential sectors of the economy. 

 

Presently, private sector investments constitute approximately 40 percent, while government investments make up the remaining 60 percent.

 

 However, there is a goal to achieve a 50 percent share of private sector investments in the upcoming year.

 

 Additionally, there is a projection for the private sector’s contribution to increase, with a target of reaching 65 percent by the end of 2027.

 

Egypt focuses on exploring establishment of Sovereign Fund for Industry: Planning Minister - Egypt Today